Patanjali promoters to dilute 6% share to meet minimum shareholding norms
Patanjali Foods on Wednesday said its promoters plan to sell shares to institutional investors in June for dilution of a 6 per cent stake to meet minimum public shareholding norms of 25 per cent.
Patanjali Foods Ltd (PFL), erstwhile Ruchi Soya Industries, was acquired in September 2019 by Baba Ramdev-led Patanjali Group through a corporate insolvency resolution process.
In an interview with PTI, Ramdev said: "We are planning to meet the minimum shareholding norms as prescribed by the market regulator SEBI."
He further said that the company is targeting to dilute around 6 per cent stake in June through Qualified Institutions Placement (QIP) and Offer for Sale (OFS).
"We have already started roadshow from Wednesday and there is a great interest from global investors," Ramdev said.
At present the public shareholding in PFL stands at 19.18 per cent, which needs to be increased to a minimum of 25 per cent.
Rule 19A(5) of the Securities Contracts (Regulation) Rules, 1957 mandates a lis